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Data from Imovirtual has found that the average value of properties, which in the third quarter stood at €368,441, still grew by 1.4 percent compared to the second quarter of this year.
Lisbon (€591,072), Faro (€485,065) and Madeira (€369,579) were found to be the most expensive districts in the quarter analysed by the real estate portal.
Property sales
The average value of properties in Portugal currently stands at €368,441, around €25,900 more expensive than in the same period in 2020. Compared to the second quarter of this year (average price of €363,475), there was also an increase of +1.4 percent.
The report found that all analysed districts show average price increase in Q3 2021 compared to Q2. Lisbon (€591,072), Faro (€485,065) and Madeira (€369,579) are the most expensive regions, while Guarda (€113,304), Castelo Branco (€124,717) and Portalegre (€129,543) are the cheapest.
The most significant increases compared to the second semester were registered in Portalegre, with an average value of €129,543 (+7.3 percent); Vila Real, with an average value of €191,057 (+6.8 percent); Madeira, with an average value of €369,579 (+5.7 percent) and Setúbal, with an average value of €306,522 (+5.2 percent).
The districts with the highest increase in the average selling price in the third quarter of this year compared to the same period in 2020 are Évora (+29.3 percent), with the average price standing at €258,395, Madeira (+17.9 percent) and Portalegre (+12.4 percent).
Rental properties
With regard to leasing, there was a slight increase of +0.6 percent in the average price, which went from €996 in the second half to €1,002 in the third quarter. However, compared to the third quarter of last year, when the average rental price was €1,054, there was a decrease of -4.9 percent.
The most expensive areas to rent in Portugal in the third quarter were found to be Lisbon (€1,263), Porto (€947), Madeira (€874), Faro (€826) and Setúbal (€761), while at the other end of the scale, Castelo Branco (€399), Bragança (€401) and Portalegre (€421) were the cheapest.
Beja (+16.2 percent), Vila Real (+15.8 percent) and Portalegre (+15.3 percent) were the districts with the highest increase in the rent price announced in the third quarter compared to the second quarter, registering respectively the values of €496, €513 and €421.
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Wonderful! Soon the Portuguese will be living hidden from sight as the government continues selling off properties in exchange for the Golden Visa and no decent housing for affordable prices are available for others. No wonder the Portuguese don't want children - where would they put them?
By K from Algarve on 23 Oct 2021, 14:55
Too bad the "journalist" here can't explain WHY this is happening, and what the effects of this housing bubble will be once it bursts.
Investers put money in bricks when the s..t is about to hit the fan. Just wait for it.
By Fred Doe from Algarve on 25 Oct 2021, 09:12
The short sighted policy of temporarily boosting the economy at the expense of its community. The perniciousness of second home owning needs to be legislated against if the coming generations are to stand any chance at all.
By Patrick Farmer from Alentejo on 25 Oct 2021, 16:03
This data is nonsense, there's no way the average property price in Portugal is €368,000, as that would be more expensive than the UK or France. You need to look at actual transactions in a market to calculate the average, and I believe the average price in Portugal is close to €135,000.
By Billy Bissett from Porto on 25 Oct 2021, 16:14
The area where I live in rural central Portugal has many villages where a third of the properties are empty and becoming derelict. Most have been empty for ten years or longer.
By Martin Jelfs from Other on 27 Oct 2021, 12:59